Billionaire Leon Cooperman, despite facing health challenges such as Parkinson’s disease and a recent stroke, is continuing his philanthropic efforts with a $20 million donation to revitalize Newark, New Jersey. Cooperman, who has already given away hundreds of millions of dollars to various causes, plans to leave the rest of his wealth to charity. His latest gift will fund the creation of the Cooperman Family Arts Education and Community Center at the New Jersey Performing Arts Center (NJPAC) in Newark.
The NJPAC, which has been a cultural hub of Newark since 1997, aims to transform the surrounding area into a lively neighborhood with retail, dining, housing, and affordable housing options. The new building, set to open in 2027, will provide programs for all ages, from toddlers to seniors, in various arts-related fields such as theater, hip hop, jazz, and backstage production. Cooperman, who has pledged to focus on healthcare and inner-city education with his wealth, views his philanthropy as an extension of his success in the stock market.
While the planned expansion of NJPAC presents a bright future for downtown Newark, concerns about potential gentrification and displacement of local populations have been raised. Newark, one of New Jersey’s poorest cities, has a median household income of $49,688 and an unemployment rate of over 55%. Resident Taqull Williams expresses excitement about the developments but highlights the importance of incorporating the existing community in the city’s growth. NJPAC President John Schreiber acknowledges these concerns but assures that the developments will only take place in currently unpopulated areas.
Cooperman’s gift to NJPAC reflects his commitment to supporting under-resourced young people and providing opportunities for education and training in the arts. Born and raised in the South Bronx to Polish immigrant parents, Cooperman believes in using his wealth to make a positive impact on society. With a net worth estimated at $2.8 billion, Cooperman’s focus on philanthropy aligns with his values of giving back and supporting causes close to his New Jersey home.
Construction on the Cooperman Family Arts Education and Community Center is set to begin in September, with the majority of funding coming from tax credits and a capital campaign. The center will offer programs that cater to a wide range of individuals, from aspiring young artists to seasoned performers. Cooperman’s gift serves as a testament to his belief in investing in the potential of future generations and providing opportunities for personal and artistic growth in underserved communities.
As Newark looks towards a future of revitalization and growth, Cooperman’s donation to NJPAC represents a significant step in supporting the city’s cultural and economic development. With a vision of creating a vibrant neighborhood that fosters creativity, collaboration, and community engagement, the NJPAC expansion promises to bring new opportunities and possibilities for residents of Newark and beyond.
